Depositing cash in bank - How much before they ask questions ?

I'm in the same boat mate and there are ways round it.
I used to be self employed and never payed a penny in tax.
Some years they owed me!,lol
my Dad is a retired accountant, so he just tought me how to play the system to your own advantage.
Keep recepits for everything, spend any profit you make by buying new equipment, new vehicle etc.
You only pay tax on money you make as clear profit. the trick is to re-invest any profit you make.
You are still allowed to pay yourself a wage and reasonable allowances.
You could declare it under self assesment, its easy to do.
These days i work for someone else employed directly and just do cash jobs as you do.
I only put small amounts in the bank, that could be declared as gifts.
The rest i keep in a safe as cash ans simply spend it.
The tax man is more likely to look at you if you brag to someone about your extra income, as there is always someone willing to grass you up!
If your lifestyle looks like it simply cant be explained by your normal income, then thats when you are likely to get investigated.
In other words 2 flash cars, 4 hols a year and a bloody great house on a normal working wage , will get you noticed on the tax radar.
You could always use a bank outside this country, non EU, as they cant investigate your accounts in certain countries.
The money laundering laws are there as trigger points for investigation.
simply spread your money about a bit.
Invest as savings for your kids "tax free!"
The system is there to play to your advantage, you just have to know how to play it, without taking the P*ss.
 
£10k cash is the most you can deposit in a bank without having to fill out a form which places you on the radar.

You have cash so the silliest thing you can do is place that money in a bank thus implicating yourself in future should any personal or capital gains issue's arise. Keep cash as exactly that, cash.

Cash doesn't pay a dividend or interest of any sort so you're probably thinking that's it's better off in a bank where you're likely to see it earn some interest. This is a misconception as extremely low interest rates and inflationary aspects on our economy mean that your money's purchasing power is diminishing each day it sits in the bank.

I'd consider buying something of intrinsic value and storing that safely somewhere or getting yourself a safe or safety deposit box, I think this is good advice from the guys.

Or if really want to play then open a trading account and keep your money in savings but in a different currency, say the Canadian or Australian dollar possibly the Swiss franc, sterling sucks. This is my preferred choice for short term holdings.

I
You could always use a bank outside this country, non EU, as they cant investigate your accounts in certain countries.
The money laundering laws are there as trigger points for investigation.
simply spread your money about a bit.

Very few countries do not have double tax agreements with the UK and some of those countries are very unstable, tread wisely. Personally I think this is a great choice if you don't want to spend your money.
 
Very few countries do not have double tax agreements with the UK and some of those countries are very unstable, tread wisely. Personally I think this is a great choice if you don't want to spend your money.

You are probably right about the unstable bit, icelandic banks spring to mind, lol.
Offshore banking & tax havens?

I think your advice on buying something of intrinsic value is a good one, most of us miss that trick.
Gold has certainly been a good investment, but not a good time to buy, just to sell at the mo.

Premium bonds have always been a good long term, low risk investment.

I look at any cash income in a diffrent light to my main earnings, in as much as i dont always use it to buy any tangable assets.
I will use it to pay for my cars running costs , servicing, new tyres, exhaust , Car tax etc.

If you use your cash to pay for the family holiday, then as such apart from a sun tan, you have nothing to show for it.

But as this would have come out of your regular income then its money well spent!
 
Offshore banking & tax havens?

I think your advice on buying something of intrinsic value is a good one, most of us miss that trick.
Gold has certainly been a good investment, but not a good time to buy, just to sell at the mo.

Premium bonds have always been a good long term, low risk investment.

Off the top of my head I think there must be 15-20 countries that are safe to bank in, some are very safe like Hong Kong, Monaco, Singapore, Barbados and Dubai, the list goes on.

I'd recommend a new hobby to bilabonic collecting something, in 2008 art got hammered and the prices during 2009 were well below their highs so it was a good time to buy. It still is a good time to buy speaking in historical terms (excluding the Giacometti of course) so why not start a new hobby collecting something of little value that will only go up in the long run.

I think gold is in a long bull market and the Indians have set the new floor at $1030, this year we may go as high as $1350 or as low as $980 (anything lower and I'm outta there) Silver is also a great buy, it went from $11 to $22 in one year!

I think the bonds have had their time since the 2008 crash, it's been a nice ride but possibly a time to get off the bond train. I missed the bond bubble by the way :( I guess you can't make great calls on every play.

So I'd safe it's safe to assume that stuffing your cash in a mattress could well be back in fashion, or a safe if you have more than a few quid lying around. I'd stay as far away from banks as I possibly could.
 
To be honest, I might get me a cash safe !

Once qualified I will be paying back loans from student debt as well as a overpayment ! that they will base whats going into my bank on the level of repayment ... So, any private work I do I will just not bank ! lol
 
buy a safe m8 ., wot they cant see they cant take

That's it in a nutshell.

If the tax man comes poking around they will want you to account for every single penny they see going through any bank accounts you've got.
There is no "before they ask questions" threshold.

They question everything and if you can't account for it they'll pump you very unforgivingly in the back botty.
 
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